SUMMARY: In a bankruptcy proceeding concerning Racing Services, Inc., the bankruptcy trustee sought to have Racing Services’ interest in a split dollar life insurance policy liquidated to satisfy creditors. The bankruptcy court ordered the surrender of the policy. On appeal, the Eighth Circuit determined that the split dollar agreement did not give Racing Services the right to surrender the split dollar agreement or the policy, so the bankruptcy court did not have the right to order surrender of the policy to satisfy Racing Services’ creditors either.
CITE: In Re: Racing Services, Inc.,2014 WL 747553, No. 13–1086 (8th Cir. Feb. 27, 2014).
Click here to download a printable pdf.
CITE: In Re: Racing Services, Inc.,2014 WL 747553, No. 13–1086 (8th Cir. Feb. 27, 2014).
Click here to download a printable pdf.
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